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02/06/2009Press Releases

SEANERGY MARITIME HOLDINGS CORP. RECEIVES WAIVER ON LOAN COVENANT AND TEMPORARILY SUSPENDS DIVIDEND PAYMENT

“The waiver we received from Marfin Bank, our main bankers, is a positive development for our company and we believe is indicative of the excellent relationship we have with our lenders.

“With all six of our vessels fixed under time charters for one year up to September 2009 at an average daily rate of about $52,700 generating revenues of approximately $110 million, we believe that we are already in a strong position. However, current market conditions dictate an increased level of prudence and vigilance to safeguard and then to increase shareholder value for the long term.

“In this context, the temporary suspension of our dividend we believe will reinforce our company’s liquidity and financial strength. We also believe it will enable us not only to weather the current challenging conditions in the shipping and financial markets but also position us to take full advantage of accretive expansion opportunities as these may occur.”
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